MEG Energy (TSE:MEG – Get Free Report) had its target price lifted by analysts at BMO Capital Markets from C$35.00 to C$37.00 in a research report issued to clients and investors on Thursday, BayStreet.CA reports. BMO Capital Markets’ price target would suggest a potential upside of 18.59% from the company’s current price.
A number of other analysts have also weighed in on MEG. ATB Capital upped their price target on shares of MEG Energy from C$32.00 to C$35.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. Desjardins lifted their price target on MEG Energy from C$30.00 to C$31.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. National Bankshares upped their price objective on MEG Energy from C$30.00 to C$32.00 and gave the company a “sector perform” rating in a report on Monday, March 4th. TD Securities lifted their target price on MEG Energy from C$28.00 to C$32.00 and gave the stock a “hold” rating in a report on Friday, March 1st. Finally, JPMorgan Chase & Co. upped their price target on shares of MEG Energy from C$33.00 to C$34.00 in a report on Tuesday, March 12th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, MEG Energy presently has an average rating of “Hold” and an average target price of C$31.00.
Read Our Latest Stock Analysis on MEG Energy
MEG Energy Stock Performance
MEG Energy (TSE:MEG – Get Free Report) last issued its quarterly earnings results on Thursday, February 29th. The company reported C$0.37 EPS for the quarter, missing analysts’ consensus estimates of C$0.59 by C($0.22). The business had revenue of C$1.44 billion for the quarter, compared to analyst estimates of C$1.40 billion. MEG Energy had a net margin of 10.06% and a return on equity of 12.77%. As a group, analysts predict that MEG Energy will post 2.3185638 EPS for the current fiscal year.
Insider Buying and Selling
In other news, Senior Officer Erik Alexander Alson sold 34,528 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of C$30.24, for a total value of C$1,044,126.72. In other news, Senior Officer David Michael Granger sold 32,144 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of C$30.47, for a total value of C$979,504.83. Also, Senior Officer Erik Alexander Alson sold 34,528 shares of MEG Energy stock in a transaction on Friday, March 15th. The shares were sold at an average price of C$30.24, for a total value of C$1,044,126.72. In the last 90 days, insiders sold 301,679 shares of company stock valued at $8,825,336. Company insiders own 0.63% of the company’s stock.
About MEG Energy
MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in its Christina Lake Project in the southern Athabasca oil region of Alberta, Canada. The company develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.
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